First in the World, This US State Issues Bonds Backed by Bitcoin
The New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) made financial history with the plan to issue the first Bitcoin-backed municipal bond. This innovation is one step closer to reality after Moody’s Investors Service assigned a Ba2 rating to the asset, which is technically two levels below the investment grade category (investment grade).
According to a report from Bloomberg, in this $( million scheme, interest and principal payments on the bonds will be sourced from the collateralized Bitcoin provided by mining company CleanSpark. The structure also includes automatic liquidation provisions if Bitcoin’s value falls below a certain threshold to protect bondholders. Conversely, investors could receive additional payments if Bitcoin’s price increases.
Governor Kelly Ayotte of New Hampshire emphasized that this move positions the state as a leader in digital finance without risking public funds or taxpayers’ money. However, Moody’s warned of high volatility risks, given that Bitcoin’s price has significantly corrected from its peak of $126,000 in October 2025. The project will involve BitGo as custodian and Wave Digital Assets as the daily transaction administrator.
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$100
The New Hampshire Business Finance Authority (New Hampshire Business Finance Authority) made financial history with the plan to issue the first Bitcoin-backed municipal bond. This innovation is one step closer to reality after Moody’s Investors Service assigned a Ba2 rating to the asset, which is technically two levels below the investment grade category (investment grade).
According to a report from Bloomberg, in this $( million scheme, interest and principal payments on the bonds will be sourced from the collateralized Bitcoin provided by mining company CleanSpark. The structure also includes automatic liquidation provisions if Bitcoin’s value falls below a certain threshold to protect bondholders. Conversely, investors could receive additional payments if Bitcoin’s price increases.
Governor Kelly Ayotte of New Hampshire emphasized that this move positions the state as a leader in digital finance without risking public funds or taxpayers’ money. However, Moody’s warned of high volatility risks, given that Bitcoin’s price has significantly corrected from its peak of $126,000 in October 2025. The project will involve BitGo as custodian and Wave Digital Assets as the daily transaction administrator.
)
$100
